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evelopers Russell Galbut and David Martin have completed the tallest building in Miami Beach, a 48-story condo tower called Five Park. The project at 500 Alton Road has secured a temporary certificate of occupancy and begun recording condo closings, with 11 sales recorded so far ranging from $1.6 million to $9 million. Buyers include notable individuals such as Stephanie Dorrance, the ex-wife of Campbell's Company heir John Dorrance.

    The tower features two condominium associations: The Park, with 132 units on floors eight through 25, and Canopy Residences, with 95 units starting on floor 26. Five Park has an estimated sellout of $1 billion, with fewer than 30 units left for sale, priced from $1.5 million. Douglas Elliman is leading sales.

    The project boasts approximately 50,000 square feet of amenities, including a pool deck, gym and spa, coworking space, screening rooms, and beach access via a Five Park-branded Moke vehicle. Canopy buyers also have access to a private members' club on the 26th floor.

    In exchange for extra height, Galbut and Martin built the adjacent 3-acre Canopy Park, which features an interactive playground, botanical garden, dog park, and event lawn. A pedestrian bridge connecting Five Park to South of Fifth is still planned.

    The developers secured a $345 construction loan in 2021, one of the largest loans to close in South Florida during the pandemic. The project's design team includes Coconut Grove-based Arquitectonica and interior design firm Gabellini Sheppard.

    Galbut and Martin have other projects planned in Miami Beach, including a Whole Foods-anchored mixed-use project at 1901 Alton Road and a proposed development of the Deauville Beach Resort property with the Meruelo family.